Those pecker heads passed it...

This outright sucks, man, we are in for it now, dam those DC MAGGOTS.

x2

Thats an understatment!!

Bas-terds!!

RichP said:

This outright sucks, man, we are in for it now, dam those DC MAGGOTS.

Click to expand...

X3:banghead:

Oh come on you knew they were going to.

Politics has become the largest business in the USA........we now have a Socialized housing program. The Marxists are doing a jig right now......

It's not enough that the bill was not needed, as written, but they had to bribe the previous NAY voting members to get enough YEA's to pass.

We the People better follow thru with the threat of firing these moral-less, greedy, bribe-taking sellout SOB's when they come up for re-election.

Here's how the House voted....

http://ap.google.com/article/ALeqM5iE1r_DuYH2j4rBy8JqBaVQ40MiOQD93J6A400

Well I just sent emails to both my congressmen and my senator. I will not be voting for either of them again on principal they don't represent me, or my community any more... and I am bitter!!!

Hehe, you said pecker heads.


But yeah, I don't want to finance bad business practices.

Hopefully this will be a wake up call to most Americans as to who really is in charge. Public opinion is obsolete. It doesn't matter if your Republican, Democrat or in the middle. The greedy just got what they wanted...more money and more power. It all came from us too and unfortunately 90% of the population doesn't even realize it. This plan will not work either, just wait and see. 3 months from now the whole thing will finally collapse in. Collapse is inevitable, its part of the cycle, but most people don't want to believe that there living in this time. What goes up must come down...

Every one of those bastards that changed their votes on the same damn bill because they got pork should be drug into the street and shot.

This is just the same ol' Savings & Loan bailout redux.

We played this game once already, and Wall street has obviously gotten into the habit of having the Fed bail their sorry asses out when the defecate hits the rotary oscillator.

I think the general consensus is that though this really rubs our fur the wrong way, this stuff is finance 101 for Christ's sake, it looks to be the best choice to make. I would bet that even stiffer regulation of the financial sector is coming their way.

This lending fiasco will affect everyone, People and Governments. These lending practices artificially raised housing values, which affect how much a municipality/ County/ State Government can raise in Taxes. I also heard that innocents, like renters are also being affected when the Duplex or Apartment building they are/were renters in went into foreclosure. In big cities, that's a problem.

...but the New World Order is knocking down the door...
Megadeth-United Abominations album

I might add, I have never seen so much support AGAINST this from all walks of life and sides of the so called political aisles.
When they start suggesting we need a "North America" type currency, ala the Euro...then all bets are off.

goodburbon said:

Every one of those bastards that changed their votes on the same damn bill because they got pork should be drug into the street and shot.

Click to expand...

Just wait my friend, its just around the corner...

Darky said:

Hehe, you said pecker heads.


But yeah, I don't want to finance bad business practices.

Click to expand...

he could have said UNIT!

Your government failed you today.

RichP said:

This outright sucks, man, we are in for it now, dam those DC MAGGOTS.

Click to expand...

Exactly what are you so upset at? We are going to buy assets at .30 on the dollar that will likely pay out .50 or .60 cents on the dollar plus interest. If they don't fully pay back the money paid for them a securities purchase tax will be instituted that will pay back all money spent. By buying these loans up we will free up money so hat business won't have to fire or lay off massive numbers of people sending the country into a severe depression. Hell this may be the one thing Congress has gotten right in decades!

NWPhotog said:

Exactly what are you so upset at? We are going to buy assets at .30 on the dollar that will likely pay out .50 or .60 cents on the dollar plus interest. If they don't fully pay back the money paid for them a securities purchase tax will be instituted that will pay back all money spent. By buying these loans up we will free up money so hat business won't have to fire or lay off massive numbers of people sending the country into a severe depression. Hell this may be the one thing Congress has gotten right in decades!

Click to expand...

So, they are going to buy homes that are mortgaged out for 250,000, that cost 50,000 new 10 years ago, were inflated. Good deal, we have 8200 of them in my county alone up here, 5000 of them foreclosures, guess everybody who lost the jobs are suddenly and magically going to get new ones to afford it.
Unless the government stops the jobs moving overseas, brings back manufacturing and jobs we're screwed.
I hear China is opening some new factories, guess they will have to round up a few hundred thousand more new dissidents and political prisoners to start producing goods in them.

RichP said:

So, they are going to buy homes that are mortgaged out for 250,000, that cost 50,000 new 10 years ago, were inflated. Good deal, we have 8200 of them in my county alone up here, 5000 of them foreclosures, guess everybody who lost the jobs are suddenly and magically going to get new ones to afford it.
Unless the government stops the jobs moving overseas, brings back manufacturing and jobs we're screwed.
I hear China is opening some new factories, guess they will have to round up a few hundred thousand more new dissidents and political prisoners to start producing goods in them.

Click to expand...

I hear ya Rich, but exactly what can Congress do about it? It seems our system needs these crashes to readjust values back to reality.

There is a entire enighborhood in Milwaukee that was hard hit. These people had $30K homes 5 years ago that were paid for and they unwisely remortgaged them because they needed money. Milwaukee wants to blame the lenders, but the fact is that Milwaukee's assessor reassed these home after they were remortgaged at 2-3X their value, which encouraged the practice. These people have jobs, not well paying ones, so they couldn't deal with the new values and the loan. Now these homes are being forclosed on and no one wants them because they are not worth their assesment value.

Investors and large corporations go where there is money to be made. That new frontier is China and Asia in general, where workers get, by American standards, substandard wages for their work. The effect is called the "Chineese Tsunami" and if you think we are the only country suffering job loss due to factories closing and moving to China, you would be mistaken.

What do you expect Congress to do about the "Chineese Tsunami" that is not only our problem, but is a Global problem? I believe the problem is not Congress, or the Chineese, but is the persuit of money without a concience. If those sitting on the board of Corporations actually gave a damn abut who they employ and the communities they live in, they would keep their factories here even if it meant only making a 10% profit instead of a 45% profit.

Zuki-Ron said:

What do you expect Congress to do about the "Chineese Tsunami" that is not only our problem, but is a Global problem? I believe the problem is not Congress, or the Chineese, but is the persuit of money without a concience. If those sitting on the board of Corporations actually gave a damn abut who they employ and the communities they live in, they would keep their factories here even if it meant only making a 10% profit instead of a 45% profit.

Click to expand...

First some protective legislation, do not allow new technological advances to be exported for 10 years, that would stop companies like Intel from building production facilities in China. Currently they use American innovation then ship it overseas then bring it back. In that case the corporation should be whacked with a killer tax.
Second, start funding startup competition, give a boost to AMD and other processor companies and stop buying Intel, especially in Govt hardware, I have not bought or done an intel production run in quite a while.
I personally have no problem keeping a 3rd world country a 3rd world country when it drags me down to their level of living. I have no problem giving a 3rd world country a hand up but not to compete with me, when was the last time you ever saw GM give Ford their bleeding edge technology so they could compete better. To do so is just plain stupid.

RichP said:

So, they are going to buy homes that are mortgaged out for 250,000, that cost 50,000 new 10 years ago, were inflated. Good deal, we have 8200 of them in my county alone up here, 5000 of them foreclosures, guess everybody who lost the jobs are suddenly and magically going to get new ones to afford it.
Unless the government stops the jobs moving overseas, brings back manufacturing and jobs we're screwed.
I hear China is opening some new factories, guess they will have to round up a few hundred thousand more new dissidents and political prisoners to start producing goods in them.

Click to expand...

They will be buying groups of mortgages. Many will be houses that are worth more than the mortgage. Some will be like you describe where they'll generate $100k on a $250k mortgage. Overall we are likely to make more than the total cost of the mortgages because they are selling at .30 on the dollar. If not the Bill requires a securities purchase tax to make up the difference. With Banks able to make regular loans we can potentially save a lot of job cuts. As to keeping low paying manufacturing jobs from going overseas, no one can do that. No matter the rhetoric from Dems or others companies will produce things where the cost is lowest. Do I want to work for $2 a day as some foreign workers will? Hell no!